Blockchain technology is one of the most promising technologies the world has ever seen. It involves using computers to store and record transactions and information. The innovation spooked a lot of interest among enterprising investors a few years ago due to the birth of the speculative hysteria created by Bitcoin. And even though the blockchain is still finding its way into mainstream adoption, it is growing exponentially daily.
Untapped Blockchain Application in Healthcare
The United States is set to spend 20% of the total GDP on medical and healthcare-related facilities. If Blockchain is applied on or before this time, the healthcare industry could improve significantly in various areas such as patient data management and drug traceability, reducing the financial strain on the U.S.
Patient Data Management
Blockchain technology will enable hospitals and other medical institutions to protect their patients’ data from malicious cybercriminals. On March 28th, 2022, hackers stole personal information from over 2 million patients from The Shields Healthcare group.
To prevent this, it is advisable for patients to willingly share their healthcare data for blockchain recording. The blockchain will then generate a pseudonymous address that will store the patients’ personal and healthcare information in a smart contract that only authorized personnel will access or use.
The blockchain network will also enable medicines manufacturers to trace drug circulation and prevent the theft of drugs. After the manufacturing, medications will be marked with a unique code that would then be stored in the blockchain network as a smart contract producing a hash. This unique code embedded in the drugs by the manufacturer will enable the wholesalers and distributors to verify the authenticity of the drugs. This will reduce the sale of counterfeit and expired medicinal drugs.
Democracy has been a significant part of the political organization of a group of people. It can be a tedious process since, in most countries, the exercise is practically done, and all votes are physically hand counted. Blockchain technology will aid the voting process by making it secure and transparent. The Blockchain network will assign each franchise a unique ID that is impossible to clone or duplicate.
Voters will log in to the user interface and cast the electric votes. The network will incorporate an identifier that receives the vote and approves the unique key assigned to all polls to vote on a particular ballot type. Casting blockchain votes creates a blockchain network that tracks and tallies the votes making it decentralized. The data is encrypted to protect the voter’s information, and no one can alter historical details.
When paying for goods and services through the blockchain network, the technology can calculate the invoice from the predetermined amount levied on the goods during production and during the purchase of services. The information will then be stored in the network and automatically transfer the tax amount directly to the tax authority for authentication and effectiveness. Whenever possible, refunds shall be directly paid to the customers’ accounts. It will be easier to incorporate this system as the currency-transfer system already exists.
Blockchain in Land Registry
No one can trust the centralized system used today in most countries. It is prone to manipulation and forgery from the national departments and ministries involved in land allocation and registration. Decentralized systems incorporating Blockchain in the registration process will aid in establishing trust and transparency for blockchain users. Using technologies like Exonum will increase security and avoid vague transactions by improving the validation process. This means that land buyers will no longer buy ‘invisible buyers’ while land sellers will not sell land that does not exist.
Blockchain in Trade Finance
Blockchain in trade finance is a simple application process of the blockchain network. The technology will reduce complexity and increase the efficiency of the process on a large scale. An agreement between an importer and an exporter is signed in a practical example. The agreement is then stored in the blockchain network as a smart contract. Blockchain will divert the same deal to the import bank. The institution will review the purchase order drafted by the two parties. Once reviewed, the import bank will review the payment obligations and approve them.
A smart contract will be generated on the blockchain network to cover the active terms between the importer and the exporter. The goods will then be released and cleared from the export country into the importing country. Once in the importer’s country, the goods will be cleared and transported to the importer’s address. Upon receipt of the goods, the importer signs the smart contract to initiate receipt of goods and release payment.
Blockchain in Mortgage Industries
When fully integrated into the mortgage industry, Blockchain will revolutionize the industry by making things very simple. A buyer shall apply property valuation to mortgage solutions via the blockchain network through Property smart contracts. This valuation report is then validated according to mortgage rules using smart contracts and directed to mortgage solutions.
Mortgage solutions post smart requests to buyers, who then apply for a loan from the bank. A tax report is automatically generated from the network and shared with the bank and the mortgage solutions.
If all criteria are met, the bank approves the buyer’s loan. The buyer and the seller sign a mortgage payment agreement which is then submitted to the bank, and the loan is disbursed to the seller’s bank account.
Blockchain technology is an untapped type of technology that, once widely adopted, will make revolutionary changes in the technology we use today. Blockchain can be applied in various industries such as healthcare, taxation, finance and trading, mortgage, and land registry to make things easier and more efficient. Everyone should exploit blockchain technology further for its immense potential.